Your Way Home AZ 22% Downpayment Assistant

By
Real Estate Agent with Long Realty Company

WOW!  The Your Way Home Arizona Program is a program that is now officially open and ready for approved buyers. The state of Arizona has created a program that will allow buyers who qualify to access a grant of 22% of the purchase price if they buy bank owned foreclosure properties.

These properties must be bank foreclosures that are un-occupied. There are several qualifing criterial such as income limits by county, debt-to-income ratio limits, credit score minimums as well as home buyer classes to attend and complete. This is a golden opportunity to purchase a home in Tucson, Oro Valley or anywhere in Arizona if you are a first time home buyer. The 22% down payment can be used in conjunction with a traditional FHA loan which means you have a safe secure government insured mortgage while at the same time, your payment is significantly reduced because of the extra down payment.

HUD reposessions can be tough since they must generally close in 45 days and the YWHAZ program can take up to 60 days.  That's where a good mortgage loan consultant is worth his/her weight in gold.  I have a guy that I trust to handle these types of transactions.  For a list of Fannie Mae and Freddie Mac reposessions contact me.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Arizona Pima County
Tags:
downpayment assistance
bank owned
foreclosure

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
203,005
Richard Lecinski
Long Realty Company - Oro Valley, AZ

I haven't had very good luck with this program and I have heard from several others they have not as well. The program states the home must appraise for 1% less then purchase price and the standards they set seem to be much higher then FHA's.

Nov 12, 2009 11:29 PM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
7,217

Mark Finchem

Ask me a question
*
*
*
*
Spam prevention